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  "title": "Japan rates derivative product matrix",
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  "frontmatter": {
    "title": "Japan rates derivative product matrix",
    "aliases": [
      "derivatives/japan-rates-derivative-product-matrix",
      "japan-rates-derivative-product-matrix",
      "Japan rates derivative matrix",
      "Japan rates product comparison",
      "JPY rates derivative matrix",
      "Japan IRS OIS JGB futures matrix",
      "日本 金利デリバティブ比較マトリクス",
      "Japan rates derivative product comparison"
    ],
    "domain": "derivatives",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-29",
    "last_tended": "2026-07-29",
    "review_by": "2027-01-29",
    "confidence": "likely",
    "tags": [
      "derivatives",
      "rates",
      "IRS",
      "OIS",
      "TONA",
      "JGB-futures",
      "JGBi",
      "swaption",
      "CMS",
      "inflation-swap",
      "basis-swap",
      "JSCC",
      "LCH",
      "BIS",
      "dealer-franchise",
      "life-insurer-hedge"
    ],
    "status": "active",
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    "note": null,
    "sources": [
      "BOJ BIS survey results — https://www.boj.or.jp/en/statistics/bis/yoshi/index.htm",
      "BIS OTC derivatives statistics — https://www.bis.org/statistics/derstats.htm",
      "JSCC IRS products — https://www.jpx.co.jp/jscc/en/cash/irs/product.html",
      "JPX JGB futures specifications — https://www.jpx.co.jp/english/derivatives/products/jgb/jgb-futures/01.html",
      "JPX mini 10-year JGB futures — https://www.jpx.co.jp/english/derivatives/products/jgb/mini-jgb-futures/index.html",
      "MOF inflation-indexed bonds — https://www.mof.go.jp/english/policy/jgbs/topics/bond/10year_inflation/index.htm",
      "Statistics Bureau CPI — https://www.stat.go.jp/english/data/cpi/index.html",
      "ISDA interest-rate product disclosure — https://www.isda.org/a/ORiDE/isda-rates.pdf"
    ]
  },
  "summary": "Japan's yen-rates complex spans IRS, TONA OIS, JGB futures, swaptions, CMS, inflation swaps, and yen cross-currency swaps, with JGB inflation-linked bonds included as a cash-market comparison. The current JPX physically delivered JGB-futures lineup is 5-year, 10-year, and mini 20-year; mini 10-year",
  "headings": [
    "Japan rates derivative product matrix",
    "TL;DR",
    "Wiki route",
    "Why a rates-derivative product matrix matters",
    "Product 1 — Yen IRS (TIBOR-floating)",
    "Product 2 — Yen OIS (TONA)",
    "Product 3 — JGB futures (10Y standard)",
    "Product 4 — Other current JGB futures",
    "Product 5 — JGB inflation-linked bond (JGBi)",
    "Product 6 — Swaption (option on yen IRS)"
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